New Delhi
IntegrisMedtech, a diversified medical technology platform backed by private equity firm Everstone Capital, has reduced the size of its proposed initial public offering (IPO), cutting the fresh issue component to Rs 600 crore from Rs 925 crore planned earlier, according to an addendum to its draft papers.
The company has also halved the offer for sale (OFS) component to 1.08 crore shares from 2.16 crore shares proposed earlier, following the withdrawal of the proposed share sales by its co-founders.
Under the revised structure, promoter Evercure Holdings Pte Ltd will participate in the OFS, while promoters and co-founders Gurmit Singh Chugh and Punita Sharma have withdrawn their proposed share sales and will retain their existing shareholdings.
According to sources familiar with the matter, the company is expected to file its RHP next week and plans to launch its IPO by late October or early November.
The proposed IPO comes after Sahajanand Medical Technologies’ Rs 475-crore public issue received a strong response from investors, with the offering subscribed 14.2 times overall and nearly 35 times by qualified institutional buyers (QIBs).
According to an addendum to the draft papers, a key component of Integris Medtech’s revised IPO plan is the proposed use of around Rs 509.85 crore, or nearly 85 per cent of the gross proceeds from the fresh issue, to repay or prepay borrowings across its wholly owned and step-down subsidiaries.
These subsidiaries include Translumina Therapeutics, Transhealth, CPC Diagnostics, Chemopharm and Research Instruments.
The proposed debt repayment is expected to help strengthen the company’s consolidated balance sheet, reduce future finance costs and provide greater financial flexibility to support its medical technology operations..
Integris Medtech develops, manufactures, commercialises and sells a broad portfolio of medical devices and solutions spanning cardiovascular devices, clinical diagnostics and scientific laboratory solutions..
The company has manufacturing facilities across India, Germany and the Netherlands. It sells its products in more than 68 international markets outside India and serves over 9,500 laboratories and 2,000 hospitals and pathology labs globally.
Gamp Services files IPO papers
New Delhi:Compliance and validation company Gamp Services has filed preliminary papers with capital markets regulator Sebi to raise funds through an Initial Public Offering (IPO). The company’s IPO comprises a fresh issue of 31.93 lakh shares and an offer for sale of 15 lakh shares by promoters, according to the Draft Red Herring Prospectus (DRHP). The Gujarat-based firm plans to utilise Rs 40.05 crore to procure equipment and IT hardware for its Services and data Logger Manufacturing Verticals. Also, a portion would be used to fund inorganic growth through unidentified acquisitions and for general corporate purposes, as per the draft papers dated October 18.
Gamp Services provides compliance and validation, qualification and instrumentation solutions to customers operating primarily in regulated industries. According to a CARE report, the Indian validation services expanded from $479 million in CY20 to $790 million in CY25, representing a CAGR of 10.5 per cent and are projected to reach $1,290 million by CY30, representing a modelled CAGR of 10.3 per cent.